Forex news for European morning trading on June 29 2017
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News:
- Haldane says MPC need to look seriously at raising rates
- ECB's Weidmann says expansive monetary policy is "appropriate in principle"
- GBPUSD tests 1.2950 support as we wait on Carney
- BOE'S Carney will not adjust QE because of climate change
- Merkel says Franco-German cooperation is decisive for the future of Europe
- Regling says Greece can be next ESM success story
- BOJ's Harada says no risk of hyperinflation in quest for 2% inflation target
- More from Harada: BOJ is buying ETFs to stimulate economy, achieve 2% inflation
- MAS says current monetary stance appropriate for extended period
- Forex option expiries for today 29 June
- UAE oil minister says there are currently no talks on deeper OPEC output cuts
- Nikkei 225 to notch up gains of nearly 9% in 2017
- Nikkei 225 closes up 0.45% at 20,220.30
Data:
- Eurozone June economic confidence index 111.1 vs 109.5 exp
- Spain June CPI flash yy 1.5% vs 1.6% exp
- Germany July GFK consumer confidence 10.6 vs 10.4 exp
- North Rhine Westphalia June CPI mm 0.1% vs -0.2% prev
- UK May mortgage approvals 65.2k vs 64.0k exp
- Brandenburg June CPI mm +0.2% vs -0.1% prev
- Saxony June CPI mm +0.2% vs -0.1% prev
- China Q1 final current account surplus USD 18.4bln vs 19.0bln flash
Another busy session has seen good two-way business over a variety of ccy pairs.
We saw early euro demand again as German regional inflation data came in stronger than expected with EURUSD heading up to 1.1435, EURGBP to 0.8805 and EURJPY to 128.78.
USDJPY finally breached 112.50 and triggered stops to 112.64 but then we saw a retreat to 112.40 before bouncing back to 112.75 as I type.
Meanwhile we've seen EUR pairs in retreat with EURUSD falling to 1.1400 and EURGBP 0.8785
GBPUSD had an early test of 1.3000 helped by GBJPY demand before retreating to 1.2978 only to spike again to 1.3007 on Haldane repeating his hawkish/cautious tones from last week. Since then we've been back down to 1.2955 ahead of decent support.
AUDUSD and NZDUSD have both been pinned down by cross plays with the latter seeing more of a retreat from 0.7320 to 0.7280.
Oil drifted lower and that sent USDCAD up to 1.3040 from a test of 1.3000 before both saw a reversal.
Equities opened lower and remained on the back foot.
German inflation data at 12.00 GMT then US Q1 GDP and initial jobless claims at 12.30 GMT
It's going to be another scrappy afternoon but one producing opportunities.